Tony’s Tax Tips

In my humble opinion, I don’t think anyone knows for sure as to how the economy will perform going into 2016. There are many prognostications, and I am always offering some of my own. Regardless if it’s the greatest multi-national financial firm wheeling out their top economists, or the smallest mom and pop business owner speaking about the price of flour, it seems to me that everyone making these predictions are wrong as many times as they are right.

But if the preceding paragraph deals with uncertainty regarding the economy, the question then becomes, what IS certain? Certainty can only be defined by observation of currently existing economic trends. A very casual observation of today’s world tells us that 1) corporate full-time employment is on the decline, 2) the mobile (and/or sharing) economy is on the increase, and 3) more people than ever are working as independent contractors or free-lance employees than ever before.

Many people separated from corporate employment immediately contemplate working in their own business. As this is a major life step, this decision should not be made hurriedly or without thought. However, even if one “turns the corner” unto entrepreneurship, there are a number of things to be considered, such as:

Working space

Recordkeeping

Tax compliance

Tax credits

Insurance

Business organization

Available grants

Banking and loans

Asset and supply purchases

Advertising and marketing

Retirement planning

And, the list goes on.

If you are considering the start-up of a business (or, if you are currently running one), we believe that speaking to us will be a profitable and valuable experience for you.